Summary
The Williams Companies, Inc. (WMB) filed an 8-K report on March 13, 2002, announcing the early termination of the Hart-Scott-Rodino antitrust waiting period for the sale of its Kern River pipeline system to MidAmerican Energy Holdings Company. This development clears a significant hurdle, and the transaction is anticipated to close by March 31, 2002. In conjunction with this sale, Williams also announced its intention to file pro forma financial information. This supplementary data will present the Kern River business as a discontinued operation, supplementing its previously issued consolidated financial statements for the year ended December 31, 2001. Investors should monitor these filings for a clearer understanding of the company's ongoing operational and financial profile post-divestiture.
Key Highlights
- 1Early termination of Hart-Scott-Rodino antitrust waiting period for the sale of the Kern River pipeline system.
- 2The sale of the Kern River pipeline system to MidAmerican Energy Holdings Company is expected to close by March 31, 2002.
- 3Williams Companies will file pro forma financial information reflecting the Kern River business as a discontinued operation.
- 4This pro forma information will supplement the company's previously issued consolidated financial statements for the year ended December 31, 2001.
- 5The report includes a press release dated March 13, 2002, as an exhibit, publicly announcing these matters.
- 6The transaction advances Williams' strategy of divesting assets.